Algerian firm to represent Germany’s Allianz Insurance

Algeria’s CAAR insurance company plans to sign a partnership agreement with Germany’s Allianz Insurance Group. The deal will make CAAR Allianz’s sole representative in Algeria. The two companies’ targ

Algeria’s CAAR insurance company plans to sign a partnership agreement with Germany’s Allianz Insurance Group. The deal will make CAAR Allianz’s sole representative in Algeria. The two companies’ target customer base will be foreign investors, reported the North African Journal.

Established in 1963 as a joint stock company, CAAR is wholly owned by Algeria’s Ministry of Finance and has an authorized capital of 2.7 billion Algerian dinars ($34.8 million). The company’s network includes five regional branches and 119 agencies. — (menareport.com)